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Abbreviated Pundit Roundup: The Trump Slump hits investors [1]
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Date: 2025-03-05
New York Times:
Trade War Sends a Shiver Through Global Markets Wall Street has wiped out the gains made since President Trump’s election victory, as investors’ hopes of business-friendly policies have given way to fears over tariffs. The selling on Tuesday was broad based, with roughly 80 percent of the stocks in the S&P 500 lower for the day. That was true even after the afternoon rally, with the recovery propelled by some of the largest tech companies like Nvidia and Alphabet, which have a large impact on the overall index’s value because of their size. Out of 11 sectors, tech was the only one to end the day higher and it was only by a fraction of a percentage point. Sharp declines on Wall Street in recent days have wiped out the gains made since Mr. Trump’s election victory in November, as investors’ hopes of deregulation, business-friendly policies and restraint on tariffs have given way to fears over the potentially damaging impact of the levies that went into effect on Tuesday.
x The president launched a trade war, drove the Dow down, baffled companies, enraged allies who said they’d negotiate but can’t figure out what the president wants, and triggered warnings of recession. Now his commerce secretary tells Fox it may be over in a day.
https://t.co/k0yjIQRgBP pic.twitter.com/yC17Y5pIpU — Steve Inskeep (@NPRinskeep) March 4, 2025
Don’t believe it when Trump says ‘this was the plan’. He has no plan.
Wall Street Journal:
Stocks closed lower after a volatile day of trading, with automakers and banks among big losers, after President Trump hit Mexico, Canada and China with tariffs, prompting pushback from all three countries. In recent trading: U.S. stocks fell. The Dow Jones Industrial Average and S&P 500 dropped more than 1.2%, with the Nasdaq Composite rebounding off its low before finishing the day down 0.35%. The Nasdaq had earlier in the day flirted with correction territory, down more than 10% from a recent closing peak. Individual stocks seen as more exposed to tariffs such as General Motors, Tesla and Best Buy—which also reported results—fell more sharply. Wall Street's fear gauge, the VIX, rose another 5%. The volatility index had closed at its highest level of this year on Monday.
The above is from NYT on line this am.
WSJ Editorial Board:
Trump Takes the Dumbest Tariff Plunge He says the 25% levies on Mexico and Canada will begin Tuesday. Stocks fall. We’ve courted Mr. Trump’s ire by calling the Mexico and Canada levies the “dumbest” in history, and we may have understated the point. Mr. Trump is whacking friends, not adversaries. His taxes will hit every cross-border transaction, and the North American vehicle market is so interconnected that some cars cross a border as many as eight times as they’re assembled.
WSJ Editorial Board:
Trump’s Tariffs Whack Trump Voters Whatever happened to GOP concern for the working class? Energy prices will rise too. Mr. Trump implicitly conceded this by reducing his tariffs to 10% on Canadian energy imports. Despite the U.S. shale fracking boom, constraints on pipeline capacity mean the Midwest and Northeast depend heavily on Canada for natural gas. That means heating bills will rise in Trump country. So will electricity prices.
x We need to trust our eyes. Nazi salutes, racist purges, an ambush on the Ukrainian president by a far-right regime. If what we see aligns with what we know and is also in line with an established track record, our default assumption should be that what is happening is actually what it looks like. — Thomas Zimmer (@thomaszimmer.bsky.social) 2025-03-03T17:01:13.303Z
EJ Dionne and Max Keeney/Brookings Institute:
Nearly all surveys show Trump’s support no higher than the roughly 50% he secured of the popular vote in 2024, and the surveys overall show a net decline in his approval ratings.
Trump’s tilt toward Russia is well out of step with the opinions of rank-and-file Republicans—and, even more so, with Americans as a whole.
Trump’s largest challenge involves souring attitudes toward the economy and what he is or, more to the point, is not doing about it.
x Per @dellavolpe Gen Z tracking poll, support for Trump handling of the economy among *young men* slipped -14 points between mid-January and mid-February.
https://t.co/PgSw0c6XGJ — Peter Hamby (@PeterHamby) March 5, 2025
Puck:
The Boys of Bummer Exclusive new polling reveals how the Gen Z men who helped put Trump in the White House—Dave Portnoy types who are into sports, stocks, and crypto—are souring on his presidency as expectations for a shiny new economy collide with our current, tariff-laden reality. Six weeks into the new presidency, [pollster John] Della Volpe said that Trump’s support among young voters is already taking an unambiguous hit, as expectations about a shiny new economy collide with our current reality. Trump’s overall favorability with younger voters has dropped seven points since his January poll, the weekend before the inauguration. Trump came into office with a 50 percent favorable rating among Gen Z voters. Now, he’s at 43 percent. Since mid-January, Trump’s favorable rating has dropped most significantly among young rural voters (down 17 points), independents (down 13 points), white women (down 10 points), and women overall (down 10 points). At the same time, Trump’s standing among young white men has remained about the same. “Slippage with white men is not statistically significant right now,” Della Volpe noted. But when it comes to specific questions about how he’s handling the economy and inflation, the president is on much shakier ground with young men.
x Today is the first day of Trump’s second Presidency that his average approval rating is net negative pic.twitter.com/7izFcopf8q — Armand Domalewski (@ArmandDoma) March 4, 2025
Cliston Brown/Twitter via Threadreader:
2026: Voters, upset by the Trump recession, vote blue in the midterms.
2028: Angry at the economic collapse, voters give Democrats the White House and Congress and swear they’ll never vote GOP again.
2030: Voters put Republicans back in charge in Congress.
Wash, rinse, repeat. This, if you’re wondering, is why Republicans never course-correct. They don’t have to. They pull the same shit every time, voters punish them for a midterm and maybe the next presidential election. Then, like an amnesiac, they hand the keys right back to them two years later.
POLITICO:
Trudeau tells Americans: ‘Your government has chosen to do this to you’ The prime minister pledged relief to Canadian workers caught in the crosshairs. “Canadians are reasonable and we are polite, but we will not back down from a fight, not when our country and the well being of everyone in it is at stake.” Trudeau pledged relief to Canadian workers caught in the trade war’s crosshairs, and told the American people that his quarrel was not with them. “We don’t want this. We want to work with you as a friend and ally, and we don’t want to see you hurt either, but your government has chosen to do this to you,” he said. Trudeau reserved his bluntest remarks for the president.
x 9 Senate Democrats have voted against every Trump cabinet nominee (except Rubio, who was confirmed unanimously):
Chris Murphy (CT)
Mazie Hirono (HI)
Tammy Duckworth (IL)
Chris Van Hollen (MD)
Ed Markey (MA)
Elizabeth Warren (MA)
Jeff Merkley (OR)
Ron Wyden (OR)
Patty Murray (WA) — Adam Carlson (@admcrlsn) March 4, 2025
Alex Burness/Bolts:
Jail Voting Soars in Colorado After State Mandates Polling Places in County Lockups Local officials had claimed they were already giving detained people ballot access, but the first-in-the-nation mandate forced their hands and increased turnout across the state. Overall, 43 people would end up voting from the La Plata County jail in the November election, five times the number who voted there in the 2022 midterms, and double the turnout there in the 2020 presidential election. Throughout the rest of Colorado, the increase was even greater: At least 2,332 people voted from jail in November, according to state data, a dramatic spike in turnout from just 231 incarcerated voters in 2022 and 380 in 2020. Many Colorado counties posted significant jail turnout in November after having zero, or nearly zero, jail voters in past cycles. “We feel it was a great success,” Jena Griswold, Colorado’s Democratic secretary of state, told Bolts. “It should send a clear message across the country that if eligible people are detained, there are ways to make it much easier for them to cast a ballot.”
x JUST IN: Judge Contreras has granted a permanent injunction restoring Cathy Harris to the Merit Systems Protection Board, despite President Trump's attempt to fire her.
This may rocket to SCOTUS alongside the Dellinger case.
https://t.co/rSGkym8JHy — Kyle Cheney (@kyledcheney) March 4, 2025
A convo with NFL punter Chris Kluwe:
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